Par Pacific Holdings, Inc. Common Stock · NYSE:PARR
Par Pacific Holdings, Inc. Common Stock — Merger or Acquisition (November 2018)
13 slides from Par Pacific Holdings, Inc. Common Stock's merger presentation, Nov 27, 2018
Slide 1: Washington Refinery Acquisition
WASHINGTON REFINERY ACQUISITION I NOVEMBER 2018
Slide 2: Forward-Looking Statements / Disclaimers
Forward-Looking Statements / Disclaimers The information contained in this presentation has been prepared to assist you in making your own evaluation of the company and does not purport to contain all of the information you may consider important. Any estimates or projections with respect to future
Slide 3: Washington Refinery Transaction Overview
Washington Refinery Transaction Overview Acquisition Terms Impact to Par Pacific Financing Plans • Par Pacific to purchase 42,000 bpd U.S. • Connects existing assets in Hawaii, Pacific • New $225 million secured term loan, Oil refinery and associated logistics system Northwest and Rockies to create
Slide 4: Washington Refinery Overview
Washington Refinery Overview Refining Highlights • Refinery configuration allows crude slate flexibility based on market dynamics Crude Slate & Product Yield* • Geographically well-positioned to source 25% Other Products 64% Bakken currently discounted Western Canadian and 23% Gasoline Bakken crudes
Slide 5: Washington Logistics Overview
Washington Logistics Overview Logistics Highlights Asset Detail • Flexible crude sourcing Crude Storage Capacity (MMBbls) 1.4 – Pipeline and rail access to Canadian, Bakken and Rockies crudes Product Storage Capacity (MMBbls) 1.5 – Blue water access to Canadian, Alaskan and foreign crudes Number of
Slide 6: Canadian and Bakken Production Exceeds Pipeline Capacity
Canadian and Bakken Production Exceeds Pipeline Capacity Canadian Production and Bakken Production and Takeaway (Mbpd) Takeaway (Mbpd) 6,000 Keystone XL 1,800 Line 3 Replacement (Expansion) 1,600 5,000 Keystone 1,400 Rangeland 4,000 Express Dakota Access 1,200 Double H Trans Mountain 1,000 Bakken Ex
Slide 7: Advantaged Access to Canadian and Bakken Crudes
Advantaged Access to Canadian and Bakken Crudes Limited Available Pipeline Capacity WCS and Bakken (Clearbrook) Diffs Reflect this Dynamic LTM at 9/30 $10.00 $ 4.00 $0.00 $ 0.00 $(10.00) $(4.00) $(20.00) $(8.00) $(30.00) $(12.00) $(40.00) $(16.00) $(50.00) $(20.00) $(60.00) $(24.00) Jan-15 Jan-16 Ja
Slide 8: Combined Company Snapshot
Combined Company Snapshot Brent vs. WTI Expected Throughput LTM Adj. EBITDA ($MM) 2 LTM Adj. Net Income Crude Exposure 1 (Mbpd) 1 $210 per Share 2 169 $1.28 +28% +24% 13% +70% 32% 132 $1.03 Par Pacific LTM $123 WTI Brent Par Pacific LTM + 87% Washington 68% Refinery Acquisition PARR + IES PARR + IES
Slide 9: Capitalization and Credit Metrics
Capitalization and Credit Metrics Net Secured Leverage Ratio increases modestly from the transaction Par Pacific as of Transaction Est. Combined 9.30.2018 Adjustments 1 Company Cash $88 $18 $106 $85mm ABL - - - 7.75% Senior Secured Notes 300 - 300 5% Convertible Senior Notes 115 - 115 New Term Loan
Slide 10: Creating an Integrated Downstream Network
Creating an Integrated Downstream Network HAWAII 1, 3 HI Refining Capacity (Mbpd) 148 HI Retail Locations 91 Seattle WA REFINERY Storage Capacity (MMbbls) 5.4 WA Spokane 33 11 Barges 3 Kauai MT Miles of Pipeline 27 Oahu Portland ND Single Point Mooring ✓ HI REFINERY Billings Molokai Maui OR Truck Ra
Slide 11: Appendix
Appendix 10
Slide 12: Non-GAAP Financial Measures
Non-GAAP Financial Measures Last Twelve Months Adjusted EBITDA and Adjusted Net Income (Loss) Reconciliation (1) ($ in thousands) Last Twelve Months Ended September 30, 2018 Washington PARR Combined Refinery Net income (loss) as reported $ 44,546 $ 25,991 $ 70,537 Pro forma adjustments (3) - (36,017
Slide 13: Non-GAAP Financial Measures
Non-GAAP Financial Measures Last Twelve Months Combined Adjusted Net Income per Share Reconciliation ($ in thousands, except per share amounts) Last Twelve Months Ended September 30, 2018 PARR Combined Adjusted Net Income $47,818 $71,729 Less: Undistributed income allocated to participating securiti
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